The FHFA now intends to ban mortgage lenders from being able to receive payments. The Federal Housing Finance Agency (FHFA) is now working to ban mortgage companies from being able to receive lucrative payments in order to arrange for forced placed insurance on behalf of homeowners in certain situations, such as when an existing policy has been allowed to lapse or has gone unpaid, against the agreement of the loan. The U.S. housing regulator is working to stop this controversial payments practice from continuing. Government officials have revealed that force…
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Homeowners insurance confusion is common in California
Confusion concerning homeowners insurance protection is a major problem in California Confusion is a common problem among a large portion of Californians when it comes to the basics of homeowners insurance. A new poll from InsuranceQuotes.com, an insurance aggregator, shows that many people do not accurately know what their homeowners insurance policies cover. This confusion is not only common in California, of course, and has been documented elsewhere in the U.S. Homeowners insurance confusion was recently highlighted as a major issue that exacerbated the impact of 2012’s Hurricane Sandy. Homeonwers…
Read MoreAllstate eyes return to homeowners insurance business
Allstate beginning to make changes to business plan Allstate, one of the largest insurance companies in the U.S., is looking to get back into the homeowners insurance business. CEO Tom Wilson has announced that the company is working to improve customer loyalty after consolidating several independent agencies, acquiring smaller insurance providers, and a rate increase spree. Part of this effort is to begin expanding its flagging homeowners insurance business, which has shrunk by more than 1 million policies over the last four years. Homeowners insurance business may yield high returns…
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